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Motor Trade Insurance For Standard And Commercial Policies
Motor trade insurance is required where standard private and commercial insurance policies do not cover all the risks of a motor trade company. A motor trade company may be operating a fleet of taxis, rental cars, vans or trucks. Or a motor trade company may be dealers of a car company. A motor trade company could also be a used car selling company. Depending on the type of motor trade business you are running, you require adequate insurance coverage.
There are different classes of motor trade insurance. The first is 'road risks', which provides insurance cover to the vehicles belonging to the business, or with them as part of their business. A common misconception is that any person is authorized to drive any vehicle at any time. This is not true, and the standard cover given is called 'third party', 'third party and fire and theft' and 'comprehensive'. There are key points to note about this policy such as that there may be a limit to the maximum amount payable in a road risk policy.
In motor trade insurance, liabilities also need to be insured. The employers' liability insurance is required by law in the UK. Even if all the employers are owners of the motor trade business, the business still requires having employers' liability insurance like any other private business. Public liability insurance is required to protect your business against any third party claims for damages. This protection may not be required, but it provides protection against claims for selling defective vehicles or providing defective workmanship. Internal risks cover provides all the insurance required by a motor trade business, except road risks. If your property is rented then you may not require property insurance as the landlord may hold that. If you want business interruption and loss of business covered, this will again be your decision. You may also not require engineering inspection cover. That is, if you are not repairing vehicles. However, the differential that you pay in premiums may well be worth getting these risks covered.
To get motor trade insurance cover, you have to decide the types of risks that your business faces, and then get those risks covered. If you are a fleet operator then you would require road risk cover. But then again, you have to decide whether you want to take a 'third party' or a 'comprehensive' cover. Similarly you may or may not require 'goods in transit' cover, as the company that ships vehicle to your premises may already hold that cover.
As there are so many diverse businesses that come under the category of 'motor trade business', their insurance needs differ. So depending on the motor trade business that you are in, you will require the appropriate motor trade insurance cover.
When obtaining motor trade insurance you must find an insurance company that specializes in this kind of insurance. Finding an appropriate insurance company should not be an issue. It is obtaining the correct insurance cover that matters. So do provide all the details that the insurance company requires, and then decide the extent of insurance that you need.
Author Resource:-
Eric Token is a freelance insurance writer that specialises in motor trade insurance. For more information about motor trade insurance visit today.
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